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Unconventional Oil and New Energy Development Poised

Advances in oil exploration and exploitation of technology, largely delayed the expected depletion of fossil fuels, but also changed the global energy map. According to IEA estimates, in 2012 the world 's total oil supply of 8710 million barrels / day, an increase of 1190 million barrels / day compared to 2000, but more than 2/3 of the increase comes from shale o, oil sands and other unconventional. It is predicted that by 2035, global production of conventional will drop to 4100 million barrels / day.

In recent years,and gas presents " West" Trends: Americas United States, Canada, Venezuela, is gradually replacing Russia, Central Asia and the Middle East, has become a hot area of global oil and gas development and supply.

Rise of the Americas region in the global energy map, first of all thanks to its possession of rich unconventional oil resources. Venezuela 's heavy oil reserves are ranked first in the world, according to the total estimated at 1.2 trillion barrels, about equal to the current total global reserves of conventional oil; Canada's oil sands reserves accounted for 85% of the world total; U.S. shale oil reserves accounted for 77% of the world total. Since 2000, the rise in oil prices and continued to run high, so that conventional oil supplies tight. Under the dual boost demand and prices, the high cost of deep-sea exploration and development of unconventional oil and have the economic feasibility, which greatly promoted the production and supply of oil in the Americas.
exploration, " West" in the large. Application of horizontal wells and hydraulic fracturing technology to make U.S. shale oil production increased significantly; continue to improve heavy oil processing technology, the Venezuelan heavy oil belt mining possible; oil sands surface mining and in situ drilling technology breakthrough, allowing Canada oil sands mining continues to heat up; deep sea mining technology upgrades to enable discovery of oil and salt under the Brazilian mining possible. Currently, oil sands development costs from the $ 15 per barrel in the 1970s fell to $ 9.75 a barrel. With the decline in mining costs, shale oil production in the United States in recent years began to surge in 2012 amounted to 72 million barrels per day, an increase of about 7 times higher than in 2004, an increase of U.S. oil production hit a record high last year, therefore, the incremental global ranking first ( increase of 1 million barrels per day ). The International Energy Agency predicts that by 2017 the United States is likely to exceed Saudi Arabia, the world's largest oil producer.

However, unconventional oil and mining costs of new energy in general is still more expensive than conventional oil. Long-term cost curve of conventional oil in 10 to 70 U.S. dollars / barrel, and oil sands mining costs, compared with 50 to 90 U.S. dollars / barrel, shale oil is 50 to 100 U.S. dollars / barrel between the ultra- deepwater oil costs in the range of 70 to $ 90 / barrel. Therefore, unconventional alternative to conventional petroleum oil should be a process, at least one technological advancement and accept the price process.
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